Phylion Battery Co., Ltd. announced recently acquisition of 810 million yuan from pre-IPO funding, which will be used in adjustment of shareholding structure and global market penetration.

The funding was reportedly contributed mainly by a number of mutual funds under the management Yingke PE and is part of the funding program for the company, set at 1.2 billion yuan in total.

Founded in Dec. 2003 with technology originating from the Chinese Academy of Sciences, Phylion produces lithium manganate (VI) batteries at its Suzhou factory for use as motive power for lightweight electric cars and other new energy cars.

The company reports its effective usable capacity will top 5 GWh in 2019, which will double in 2020. Following ground breaking in 2018, the company's first-phase 3.5 GWh capacity of the company's 50 GWh lithium battery production base, in Suzhou & Chuzhou Modern Industry Park, in Chuzhou City of Anhui Province, is scheduled for inauguration by the end of May. In addition to branches in Europe and India, the company plans to construct a production base in South Asia.

As a supplier to several major Chinese automakers, including Chang'an, Geely, Ruichi, and Dongfeng, the company had provided its batteries to 45,000 electric cars as of the end of 2018, including sedans, multi-purpose passenger cars, and electric logistics cars.

Zhou Xiaochen, partner of Yingke PE, is upbeat on the prospects of Phylion, noting that with the potential of sedan battery market amounting to 100 billion yuan a year, lithium battery, still in the budding stage, will experience explosive growth in coming years.